Homes sales jump 9.4% in September

September homes sales jumped 9.4% to the highest level in two years, according to the National Association of Realtors, as home buyers took advantage of low prices to qualify for the first-time home buyer tax credit which is scheduled to expire in December -- although it seems likely to be extended in some form.

According to The Associated Press, "The National Association of Realtors said Friday that sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters."

Stabilization in housing -- if it indeed that and not just the mother of all head fakes -- is good for the broader economy, but the housing bust has also created fantastic opportunities for first-time buyers. According to an upcoming report from NAR, first-time buyers accounted for an astounded 45% of all home sales over the past year.

"The current housing supply is the lowest we've seen in two and a half years," NAR Chief Economist Lawrence Yun said. "If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year."